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GRAINS-Wheat prices rise after deep losses, soybeans underpinned by weather concerns
November 28, 2017 / 2:00 AM / 17 days ago

GRAINS-Wheat prices rise after deep losses, soybeans underpinned by weather concerns

    SINGAPORE, Nov 28 (Reuters) - Chicago wheat futures rose on
Tuesday, with investors looking for bargains after prices slid
almost 3 percent over the last two sessions on plentiful world
supplies.
    Soybean prices were little changed after climbing on Monday
to their highest since Nov. 9, buoyed by concerns that dry
weather in Argentina could crimp supply.
        
    FUNDAMENTALS
    * Record global wheat supplies are providing headwinds to
U.S. shipments. 
    * The U.S. Department of Agriculture on Monday reported
weekly wheat export inspections of 344,721 tonnes, in line with
estimates for 200,000 tonnes to 400,000 tonnes.
    * U.S. wheat export inspections are down 5.9 percent so far
in this marketing year compared with 2016/17.
    * Russian wheat export prices fell slightly last week due to
stronger competition in the international market.
    * Black Sea prices for Russian wheat with 12.5 percent
protein content for December delivery were $190.5 a tonne free
on board (FOB) at the end of last week, down $0.5 from a week
earlier, said agriculture consultancy IKAR.
    * Soybean prices are being lifted by dry weather across
Argentina. 
    * Below-average rain in the first two weeks of December will
complicate planting of late-sown corn and soybeans in most of
Argentina's central grains belt, meteorologists told Reuters on
Monday.
    * After abundant rains in the first half of the year, the
southern hemisphere spring - which began in September - has
brought lower-than-normal precipitation to the world's No. 3
corn and soybean exporter. 
    * Commodity funds were net sellers of Chicago Board of Trade
wheat, corn, and soyoil futures contracts on Monday, traders
said. They were net buyers of soybean and soymeal futures.

        
    MARKET NEWS
    * Asian shares stepped back from decade highs on Tuesday on
worries about another sharp sell-off in Chinese stock markets,
while the U.S. dollar trod water ahead of a crucial vote on tax
reform in the world's largest economy.
    
    DATA/EVENT AHEAD (GMT)
0700  Germany              Import prices                  Oct
0900  Euro zone            Lending and money supply       Oct
1200  Germany              GfK consumer sentiment         Dec
1330  U.S.                 Advance goods trade balance    Oct
1330  U.S.                 Wholesale inventories          Oct
1400  U.S.                 Monthly home price index       Sep
1400  U.S.                 S&P/Case-Shiller home prices   Sep
1500  U.S.                 Consumer confidence            Nov
1500  U.S. Senate Banking Committee holds hearing on nomination
of Jerome Powell to be chairman of the Federal Reserve. 

 Grains prices at  0142 GMT
 Contract    Last    Change  Pct chg               MA 30   RSI
 CBOT wheat  430.25  2.00    +0.47%                430.25  32
 CBOT corn   339.25  0.50    +0.15%                339.25  37
 CBOT soy    995.25  -0.75   -0.08%                995.25  61
 CBOT rice   12.26   -$0.04  -0.28%                $12.26  65
 WTI crude   57.86   -$0.25  -0.43%                $57.86  61
 Currencies                                                
 Euro/dlr    $1.190  $1.190                                
 USD/AUD     0.7606  0.761                                 
 Most active contracts
 Wheat, corn and soy US cents/bushel. Rice: USD per
 hundredweight
 RSI 14, exponential
 
 (Reporting by Naveen Thukral; Editing by Joseph Radford)
  

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